February 2016 Market Review

Say it with me folks: “Another record month!” Once again, both sales volume (7,621 sales, up 21.1%) and average price ($685,278, up 14.9%) in February 2016 beat not just last February, but also the previous record, set in 2010. The MLS Home Price Index (which smoothes out price changes over different housing types) was up by a slightly lower 11.3% , but that’s still a strong surge. Clearly, the market direction for this year is set: onwards and upwards!

Last month actually saw a decent increase in new listings (11,275 , up 8.2%), but the total number of available listings was down (10,902, a drop of 14.8). That kept up the pressure on buyers, causing competition in an already tight market. We’ll see more listings this month and next, but not enough to ease the pressure….

The condo segment had a particularly busy month. Sales in the 416 were up 25.6% over Feb ’15, and the average price surged 17.8% to $435,579. As I mentioned last month, condo prices are showing real strength. If you are thinking of a buy, you should get on that.

Last month my Exclusive listing at 58 Brookmount Rd sold (through another RE/MAX Hallmark agent). I have another Exclusive now at 438 Becker Rd in Richmond Hill. Check out the info and call me if you’d like to go see it, or watch for it on the MLS later this month.

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